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Recovery Extends

GBPUSD TECHS
  • RES 4: 1.2947 1.50 proj of the Apr 22 - May 3 - 9 price swing
  • RES 3: 1.2908 1.382 proj of the Apr 22 - May 3 - 9 price swing
  • RES 2: 1.2894 High Mar 8 and a key resistance
  • RES 1: 1.2814/2860 Intraday high / High Jun 12 and bull trigger
  • PRICE: 1.2806 @ 14:47 BST Jul 5
  • SUP 1: 1.2676/13 50-day EMA / Low June 27
  • SUP 2: 1.2584 Low May 15
  • SUP 3: 1.2514 61.8% retracement of the Apr 22 - Jun 12 bull cycle
  • SUP 4: 1.2446 Low May 9 and a key near-term support

GBPUSD is trading higher today. The move higher this week undermines a recent bearish theme and highlights a potential short-term reversal. Resistance at 1.2740, the Jun 19 high, has been cleared. The break of this hurdle is a bullish development and opens 1.2860, the Jun 12 high and a key resistance. Key support lies at 1.2613, Jun 27 low. A break of it is required to resume the recent bear leg. First support lies at 1.2676, the 50-day EMA.

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